Tertiary Minerals (TYM), building a strategic position in the fluorspar sector, is pleased to announce that on 7 March 2016 the Board of Sunrise Resources (SRES) resolved to issue 49,298,406 new ordinary shares of 0.1p each of Sunrise to Tertiary in settlement of management fees of £86,272.21 due to the Company for the six month period ended 31 December 2015.
Since the formation of Sunrise, Tertiary has provided, and continues to provide, Sunrise with office facilities and company and project management services at cost. This cost sharing arrangement works to the benefit of both companies and enables them to be run with reduced overheads.
Following the issue of the New Shares, Tertiary will hold 102,234,999 ordinary shares of Sunrise, representing an interest of approximately 13.70% of the enlarged issued capital of Sunrise.
Application will be made for the New Shares to be admitted to trading on AIM. Admission is expected to occur on 14 March 2016.
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Enquiries
Tertiary Minerals plc Patrick Cheetham, Executive Chairman Richard Clemmey, Managing Director |
+44 (0)1625 838 679 |
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SP Angel Corporate Finance LLP Nominated Adviser & Joint Broker Ewan Leggat / Tercel Moore
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+44 (0)20 3470 0470 |
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Beaufort Securities Ltd Joint Broker Jon Belliss / Elliot Hance
Brand Communications Alan Green |
+44 (0)20 7382 8300
+44 (0)7976 431 608 |
Notes to Editors
Tertiary Minerals plc (TYM) is an AIM-quoted mineral exploration and development company building a significant strategic position in the fluorspar sector. Fluorspar is an essential raw material in the chemical, steel and aluminium industries. Tertiary controls two significant Scandinavian projects (Storuman in Sweden and Lassedalen in Norway) and a large deposit of strategic significance in Nevada USA (MB Project).
CAUTIONARY NOTICE
The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.